Solid and sustainable market position in Malaysia and Singapore. High profitability. Earnings concentrated in the gaming business. Exposure to evolving regulations. Improving geographic diversity. Strong cash flows. Exceptional liquidity and high cash balances. Substantial capital requirement for expansion with new project risk. S&P Global Ratings' stable outlook on casino operator Genting Bhd. reflects our base-case expectation that operating margins will improve in 2017, most notably at the Singapore operations, and that Genting will continue to prudently manage its capital structure, despite elevated capital expenditure (capex) requirements in the next 24 months. We expect Genting will have modestly improving cash flows from its key markets of Singapore and Malaysia and an average debt-to-EBITDA ratio of less than 1.5x over the next
